Constructive Academic Consulting
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-03-2026 PDF all 17 filings
Turnover
≈ €56,000
Estimated: probably between €33,000 and €130,000
Total assets
€83,096▼ 9.1%
2024 · €91,444
Net result
-€1,261▲ 69.2%
2024 · -€4,090
Working capital
€62,315▲ 0.9%
2024 · €61,732
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€117
2025
20182025
Net result
-€1,261
▲ 69.2%
2025
lowest quarter of the sector
20182025
Equity
€81,182
▼ 9.8%
2025
middle half of the sector
20182025
Total assets
€83,096
▼ 9.1%
2025
middle half of the sector
20182025
Debt
€1,914
▲ 34.9%
2025
20182025
Working capital
€62,315
▲ 0.9%
2025
middle half of the sector
20182025
Solvency
97.7%
▼ 0.8pp
2025
highest quarter of the sector
20182025
Current ratio
33.56
▼ 10.95
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-1.5%
▲ 3.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,085-€4,820▼ 56.5%€959▼ 80.1%-€153€10,161€16,451▲ 61.9%-€3,543€117
Net result-€564-€7,583-€3,510below the sector's middle half€2,967within the sector's middle half€6,121within the sector's middle half▲ 106%€9,930within the sector's middle half▲ 62.2%-€4,090below the sector's middle half-€1,261below the sector's middle half▲ 69.2%
Equity€189,632-€185,923▼ 2.0%€93,012within the sector's middle half▼ 50.0%€92,373within the sector's middle half▼ 0.7%€84,185within the sector's middle half▼ 8.9%€94,115within the sector's middle half▲ 11.8%€90,025within the sector's middle half▼ 4.3%€81,182within the sector's middle half▼ 9.8%
Total assets€197,071-€197,520▲ 0.2%€185,391within the sector's middle half▼ 6.1%€98,883within the sector's middle half▼ 46.7%€106,740within the sector's middle half▲ 7.9%€102,316within the sector's middle half▼ 4.1%€91,444within the sector's middle half▼ 10.6%€83,096within the sector's middle half▼ 9.1%
Debt€7,440-€11,597▲ 55.9%€92,379▲ 697%€6,510▼ 93.0%€22,554▲ 246%€8,201▼ 63.6%€1,419▼ 82.7%€1,914▲ 34.9%
Working capital€171,563-€174,130▲ 1.5%€87,116within the sector's middle half▼ 50.0%€91,249within the sector's middle half▲ 4.7%€83,293within the sector's middle half▼ 8.7%€56,395within the sector's middle half▼ 32.3%€61,732within the sector's middle half▲ 9.5%€62,315within the sector's middle half▲ 0.9%
Solvency96.2%-94.1%▼ 2.1pp50.2%within the sector's middle half▼ 44.0pp93.4%above the sector's middle half▲ 43.2pp78.9%above the sector's middle half▼ 14.5pp92.0%above the sector's middle half▲ 13.1pp98.4%above the sector's middle half▲ 6.5pp97.7%above the sector's middle half▼ 0.8pp
Current ratio24.06-16.01▼ 8.051.94within the sector's middle half▼ 14.0715.02above the sector's middle half▲ 13.074.69above the sector's middle half▼ 10.327.88above the sector's middle half▲ 3.1844.51above the sector's middle half▲ 36.6333.56above the sector's middle half▼ 10.95
Return on assets (ROA)-0.3%-3.8%▲ 4.1pp-1.9%below the sector's middle half▼ 5.7pp3.0%within the sector's middle half▲ 4.9pp5.7%within the sector's middle half▲ 2.7pp9.7%within the sector's middle half▲ 4.0pp-4.5%below the sector's middle half▼ 14.2pp-1.5%below the sector's middle half▲ 3.0pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €117, after a loss of €3,543 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €83,096
Fixed assets
€18,867 ▼ 33.3%
Current assets
€64,229 ▲ 1.7%
Equity and liabilities €83,096
Equity
€81,182 ▼ 9.8%
Debt
€1,914 ▲ 34.9%
Debt's share of the balance-sheet total rises from 1.6% to 2.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,543▲
2024 · €5,883
Cash flow
€8,166▲
2024 · €5,337
Debt to equity
0.02▲
2024 · 0.02
ROE
-1.6%▲
2024 · -4.5%
Interest coverage
97.55▲
2024 · 59.73
Debt ≤ 1 year
€1,914▲
2024 · €1,419
Income taxes
€1,563▲
2024 · €797
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,155 | - | €45,977 | - | - |
| Depreciation and write-downs of the year | €5,928 | €231 | €9,149 | €9,426 | €9,426 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,276 | €6,276 | €5,896 | €5,928 | €231 | €9,149 | €9,426 | €9,426 | = |
| Other operating charges640/8 | - | - | - | €669 | €680 | €1,541 | €1,117 | €1,153 | ▲ 3.2% |
| Gross operating margin9900 | €18,017 | €11,765 | €7,521 | €6,444 | €11,071 | €27,140 | €7,001 | €10,696 | ▲ 52.8% |
| Operating profit (loss)9901 | €11,085 | €4,820 | €959 | -€153 | €10,161 | €16,451 | -€3,543 | €117 | - |
| Financial income75/76B | - | - | - | €742 | €1 | €208 | €349 | €283 | ▼ 18.8% |
| Recurring financial income75 | €989 | €1,116 | €900 | €742 | €1 | €208 | €349 | €283 | ▼ 18.8% |
| Financial charges65/66B | - | - | - | -€3,414 | €79 | €82 | €99 | €98 | ▼ 0.7% |
| Recurring financial charges65 | €8,615 | -€5,230 | €3,921 | -€3,414 | €79 | €82 | €99 | €98 | ▼ 0.7% |
| Profit (loss) for the period before taxes9903 | €3,458 | €11,165 | -€2,061 | €4,003 | €10,082 | €16,577 | -€3,293 | €302 | - |
| Income taxes67/77 | €4,022 | €3,582 | €1,449 | €1,036 | €3,961 | €6,647 | €797 | €1,563 | ▲ 96.2% |
| Profit (loss) for the period9904 | -€564 | €7,583 | -€3,510 | €2,967 | €6,121 | €9,930 | -€4,090 | -€1,261 | ▲ 69.2% |
| Profit (loss) for the period to be appropriated9905 | -€564 | €7,583 | -€3,510 | €2,967 | €6,121 | €9,930 | -€4,090 | -€1,261 | ▲ 69.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €197,071 | €197,520 | €185,391 | €98,883 | €106,740 | €102,316 | €91,444 | €83,096 | ▼ 9.1% |
| Fixed assets21/28 | €18,069 | €11,793 | €5,896 | €1,124 | €893 | €37,720 | €28,294 | €18,867 | ▼ 33.3% |
| Tangible fixed assets22/27 | €18,069 | €11,793 | €5,896 | €1,124 | €893 | €37,720 | €28,294 | €18,867 | ▼ 33.3% |
| Furniture and vehicles24 | - | - | - | €1,124 | €893 | €37,720 | €28,294 | €18,867 | ▼ 33.3% |
| Current assets29/58 | €179,003 | €185,727 | €179,495 | €97,759 | €105,847 | €64,596 | €63,150 | €64,229 | ▲ 1.7% |
| Amounts receivable within one year40/41 | €7,121 | €9,491 | €4,754 | €2,744 | €3,334 | €2,407 | €3,306 | €6,646 | ▲ 101% |
| Trade receivables40 | - | - | - | €2,744 | €3,334 | €2,407 | €0 | €2,818 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €3,306 | €3,829 | ▲ 15.8% |
| Current investments50/53 | €132,522 | €153,585 | €149,637 | €89,553 | €89,553 | - | - | - | - |
| Cash at bank and in hand54/58 | €38,852 | €22,652 | €25,104 | €5,461 | €12,959 | €62,189 | €59,844 | €57,582 | ▼ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €197,071 | €197,520 | €185,391 | €98,883 | €106,740 | €102,316 | €91,444 | €83,096 | ▼ 9.1% |
| Equity10/15 | €189,632 | €185,923 | €93,012 | €92,373 | €84,185 | €94,115 | €90,025 | €81,182 | ▼ 9.8% |
| Contributions10/11 | €23,000 | €23,000 | - | €23,000 | €23,000 | €23,000 | €23,000 | €23,000 | = |
| Reserves13 | €167,196 | €163,487 | €74,086 | €70,480 | €61,185 | €71,115 | €67,025 | €58,182 | ▼ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €2,300 | €2,300 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,300 | €2,300 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €68,180 | €58,885 | €71,115 | €67,025 | €58,182 | ▼ 13.2% |
| Profit (loss) carried forward14 | -€564 | -€564 | -€4,074 | -€1,107 | - | €0 | - | €0 | - |
| Amounts payable17/49 | €7,440 | €11,597 | €92,379 | €6,510 | €22,554 | €8,201 | €1,419 | €1,914 | ▲ 34.9% |
| Amounts payable within one year42/48 | €7,440 | €11,597 | €92,379 | €6,510 | €22,554 | €8,201 | €1,419 | €1,914 | ▲ 34.9% |
| Trade debts44 | €7,440 | €306 | €72 | €443 | €2,933 | €1,275 | €848 | €152 | ▼ 82.1% |
| Suppliers440/4 | - | - | - | €443 | €2,933 | €1,275 | €848 | €152 | ▼ 82.1% |
| Taxes, remuneration and social security45 | - | - | - | €2,460 | €5,313 | €6,926 | €570 | €1,761 | ▲ 209% |
| Taxes450/3 | - | - | - | €2,460 | €5,313 | €6,926 | €570 | €1,761 | ▲ 209% |
| Other amounts payable47/48 | - | - | - | €3,606 | €14,309 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€564 | €7,583 | -€3,510 | €2,967 | €6,121 | €9,930 | -€4,090 | -€1,261 | ▲ 69.2% |
| + Depreciation and write-downs630 | €6,276 | €6,276 | €5,896 | €5,928 | €231 | €9,149 | €9,426 | €9,426 | = |
| Operating cash flow (approximation) | €5,712 | €13,859 | €2,386 | €8,895 | €6,352 | €19,079 | €5,337 | €8,166 | ▲ 53.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,155 | €0 | -€45,977 | €0 | €0 | - |
| Change in cash | - | -€16,201 | €2,452 | -€19,643 | €7,498 | €49,230 | -€2,345 | -€2,262 | ▲ 3.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,908 companies had the same profile as Constructive Academic Consulting has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Constructive Academic Consulting itself is lower: < 0.1% within 12 months. It rests on far more data about Constructive Academic Consulting than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,908 companies, not a prediction for Constructive Academic Consulting. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-03-2026 | 2026-00064462 | |
| 31-12-2024 | micro format | 07-03-2025 | 2025-00045143 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00135231 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00125540 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20081649 | |
| 31-12-2020 | micro format | 31-05-2021 | 2021-16200144 | |
| 31-12-2019 | micro format | 25-05-2020 | 2020-12800317 | |
| 31-12-2018 | micro format | 24-05-2019 | 2019-14500537 | |
| 31-12-2017 | micro format | 29-05-2018 | 2018-14600104 | |
| 31-12-2016 | micro format | 30-05-2017 | 2017-14000261 |